The real estate business is a great way to earn an income, and several people are investing in it. According to a study, over-60 renters increased by 43% between 2007 and 2017 as retiring people preferred renting the house rather than buying when downsizing. However, long-term tenants are essential for rental income flowing steadily. According to our South Florida Property Management Company following tips will help you get long-term tenants:
Location of the Property
The property’s location is the first thing that many tenants care about. Make sure that it is situated at a place with all the facilities that could attract tenants. Having the property in a commercial area is a perk as many people prefer renting houses in such areas.
Consider Surroundings
It must have a good infrastructure around it. For instance, excellent roads, street lights, sound sewerage and better energy systems. If you consider the property’s infrastructure, it will undoubtedly lead you to win long-term tenants.
Neighborhood
Neighborhood matters a lot when it comes to renting a property. A good neighborhood makes your life peaceful. It is essential to scan the neighborhood properly, i.e., meet people and understand their traditions. Making your tenant aware of the neighborhood’s culture will be an intelligent thing to do so that they do not have difficulty adjusting to a new culture.
Additionally, if the neighborhood has large trees, parks, gyms, etc., that will make you stand out in the market, and you will be able to attract long-term tenants as no one will want to leave a site like that.
Crime Rate
It is essential to go for a site that has no crime rate. If a specific area has a high crime rate, it leaves you and your tenants vulnerable. No one will want to stay at a house that has security issues.
Potential Natural Disaster
No one will want to buy a vulnerable house to natural disasters. It is essential to investigate the potentiality of getting affected by natural disasters in a particular area. For instance, houses beside the seaside or forests are vulnerable to natural disasters. Avoid buying a property in an area that is more likely to be affected by natural disasters.
Offer Newly Constructed House
The age of the property also matters if you want to attract long-term tenants. New and modern buildings play a significant role in attracting more tenants than old ones because old houses require more maintenance which can be overwhelming.
Newly constructed houses could attract people more towards the property. They have modern structures, extended warranty, low maintenance costs, and high energy efficiency. So, tenants are more likely to get attracted to the new house.
Your property must also have a taller ceiling, proper sanitary system, green features, outdoor areas, low maintenance exterior, and terrace to retain your tenants.
Respect Tenants’ Privacy
Everybody demands personal space for themselves. It is essential to be considerate of your tenant’s privacy. Taking permission before entering the property is not a legal obligation. However, your tenants still deserve that you inform them beforehand if you want to make a visit. It is a little act of courtesy that you can do to retain your tenants.
Be Lenient with Rental Policies
Having firm policies is essential to running your real estate business efficiently. However, you should be flexible enough to alter them according to your tenant’s will. Many tenants find it difficult to give up on their pets, so they look for landlords who could allow their pets with them. Such tenants tend to stay with you for a long time.
Additionally, some renters might also want to personalize the property. Allowing them to do so will contribute to making them stay longer.
Bring a reasonable increase in the Rent
Landlords have to amend their rates according to the market. However, a sudden and massive increase in rent will overwhelm your tenants, and they will leave the property in no time. They are likely to stick with you long-term if you offer an appropriate yearly increase in the rent.
Offer Incentives
Offering incentives is a great way to make our tenants feel appreciated and valued. There are many things you can do on a yearly basis. For instance:
- Offering to pay their utility
- Rent Discounts
- Grocery Delivery
- Property Upgrade
Benefits of Having Long-Term Tenants
Finding tenants is expensive and time taking. So, having a long-term tenant in place will save all that time, money and effort. There are many benefits of having a long-term tenancy. Some of which are as follows:
Stable Income
With a long-term tenant, you have the surety that you will get the rent regularly. It is a great way to get rid of cash flow worries. The long-term tenancy is especially important if your property is on a buy-to-let mortgage. There are also many other financial advantages of having a stable tenancy.
Provide Great Care
Long-term tenants have to live there for a more extended period so they avoid causing any harm to the property. They treat your house like their own. For instance, they fix things on time if there has been any damage.
No Hassle of Finding New Tenants
Finding new tenants is quite a hassle. You have to go through the long process of advertising the property, going through the applications, and screening the tenants. It will not only be laborious and tiring, but also, you will have to bear the financial loss. A long-term tenant saves you from this hassle.
Long-term Tenants Invest in the Property
Long-term tenants are likely to invest in your property like getting the house painted, buying new furniture, redecorating, and maintenance. It helps you to keep your property up-to-date.
Bottom Line
Long-term tenants are essential to keep your business successful. Tenants tend to stay at a place where they feel safe and calm. So providing them with a service that could make them feel that way can go a long way.
It might be overwhelming to find long-term tenants. However, Our property management company Lamar G Property On US, has got you covered. Our team will stick with you at every step. Yes!! You do not need to be worried about marketing your rentals, collecting rent, handling maintenance and repair issues, responding to tenant complaints, and even pursuing evictions.
